Third level students from Northern Ireland could have two funding options if they want to study abroad as part of their degree in future.
The Irish government has confirmed new funding to continue the EU's Erasmus programme north of the border.
But that will be in addition to a similar £100m study scheme being set up by the UK Government, which is expected to be operating by September next year.
Erasmus enables students to study for part or all of their degree in another EU member state or undertake a work placement abroad, with fees and costs paid.
The scheme will continue here as in previous years, with money set aside by the Irish government to allow Northern Ireland students to take part, despite the UK Government ending its association with Erasmus, preferring to develop its own equivalent after Brexit.
It will now be up to institutions in Northern Ireland to decide whether they wish to apply for the UK's new Turing Scheme in addition to taking part in the Erasmus programme.
Funding for Erasmus will be available to all full-time students attending third level institutions and will not be limited to those with an Irish passport, so British passport holders will also qualify.
Prime Minister Boris Johnson confirmed on Christmas Eve that the UK had rejected an offer to remain part of the EU programme, citing financial reasons, and will instead develop the alternative policy.
Education Secretary Gavin Williamson said: "We now have the chance to expand opportunities to study abroad and see more students from all backgrounds benefit from the experience."
UK institutions can bid to join the scheme in the new year.
The Irish government has now confirmed a commitment made in April last year to enable Northern Ireland students to have continued access to the Erasmus programme.
"The Government of Ireland made a very solemn commitment to Northern Ireland that, even after Brexit, we would make sure that there were still ways for us to cooperate and collaborate in relation to higher education," said Minister for Further and Higher Education Simon Harris.
"I've sought and secured government approval now to extend the benefits of Erasmus to students in Northern Ireland even after Brexit. I think it's a very practical example of us wanting to continue to collaborate with Northern Ireland post-Brexit.
"Almost every day I talk about the importance of collaborating on a north-south basis and the importance of working together with the higher education institutions in the North.
"I think it would have been a real missed opportunity if Brexit had happened and we didn't have this ability to collaborate across the European Union, it's really important that students in Northern Ireland can continue to access Erasmus."
Students from Northern Ireland will need to temporarily register with Irish higher education institutions to take part in the scheme. "It's a permanent commitment that as long as students in Northern Ireland wish to avail of this option we will put that option in place," Mr Harris said.
The estimated cost will be around €2.1m per year.
"It's an investment in relationships between institutions north and south. It's an investment in our next generation, a practical, sensible way of continuing to cooperate post-Brexit," he said.
Last year, 649 students and staff from Northern Ireland took part in Erasmus.